Nasdaq Files to Change Rules for JitoSOL ETF: An Overview

Nasdaq has proposed a rule change to the U.S. Securities and Exchange Commission (SEC) to list the Vaneck JitoSOL ETF. This fund, introduced on August 22, 2025, is notable for being the first Solana (SOL) Spot ETF completely backed by a liquid staking token (LST). By tracking the price of JitoSOL, the ETF enables users to participate in staking while still trading their assets.

Key Takeaways

Nasdaq has submitted a filing to list the Vaneck JitoSOL ETF.
JitoSOL is a liquid staking token that allows SOL holders to earn rewards while trading.
The filing supports claims that JitoSOL’s price is closely aligned with SOL.
The SEC has a 45-day window to decide on the proposal, potentially extended to 90 days.
If approved, staking rewards will contribute to the fund's net asset value, rather than being distributed separately.

Liquid staking under the lens after Nasdaq files JitoSOL ETF rule change - Details

Introduction to Liquid Staking and the JitoSOL ETF

Nasdaq has recently filed with the U.S. Securities and Exchange Commission (SEC) to initiate a rule change that would enable the listing of the Vaneck JitoSOL ETF. This fund was first announced on August 22, 2025, and is recognized as the inaugural Solana (SOL) Spot ETF fully supported by a liquid staking token (LST). The primary aim of the ETF is to accurately track the price of JitoSOL, which it achieves by utilizing the MarketVector JitoSol VWAP Close Index.

In the context of liquid staking, users receive a tradable asset when they stake their cryptocurrency. For example, those who stake SOL tokens are issued JitoSOL in return. This allows users to trade their assets while simultaneously earning on-chain rewards from their staked SOL without the need to operate validators or manage their staking directly.

Nasdaq Filing Details

The primary objective behind Nasdaq’s filing is to facilitate the listing and trading of the Vaneck JitoSOL ETF, which would directly hold JitoSOL tokens. This proposal falls under Nasdaq Rule 5711(d), which regulates the listing and trading of Commodity-Based Trust Shares on the exchange.

The exchange based its proposal on the “generic listing standards” that the SEC approved in September. By providing data showing a strong price correlation between JitoSOL and SOL—approximately 0.9979 on OKX and 0.9985 on Coinbase—Nasdaq argues that JitoSOL is economically similar to SOL. Consequently, the JitoSOL ETF is not expected to introduce any new pricing risks that are not already present in the existing Solana ETF market.

The SEC has up to 45 days to decide whether to approve or reject this proposal, with a possibility of extending the review period to 90 days.

According to Brian Smith, president of the Jito Foundation, if the fund receives approval, staking rewards will be reflected in the net asset value of the fund rather than distributed separately to investors.

In August, JitoSOL disclosed that the filing for the Vaneck ETF was the result of months of collaborative efforts and policy outreach with the SEC. Currently, the filing is still in the exchange review stage at the SEC, and there are no liquid staking token funds actively trading in the United States.

However, other financial products offering exposure to both spot market and staking rewards are available. The REX-Osprey Solana + Staking ETF (SSK) commenced trading in early July, while the REX-Osprey ETH + Staking ETF (ESK) was launched in September. Additionally, Grayscale introduced staking capabilities for its Ethereum and Solana ETFs in October.

Conclusion

The proposal by Nasdaq to change the rules for the JitoSOL ETF marks a significant development in the world of cryptocurrency, especially for Solana investors. As the SEC deliberates, the industry watches closely, anticipating a future where liquid staking tokens may have a more significant presence in the market.